Nutrien Earnings and Growth Outlook

Most crop futures prices remain above their 10-year averages and provide incentive for growers to maximize production Corn Avg. Realized Price US$/bushel $6.89 Soybean Avg. Realized Price US$/bushel $14.40 $3.70 $3.61 $3.36 $3.36 $3.61 $3.56 $4.46 تتا $6.60 $6.00 $4.53 $4.68 $14.20 $13.00 $13.30 $13.27 $10.80 $10.10 $8.95 $9.47 $9.33 $8.48 $8.57 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 2023 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 2023 Futures Futures Wheat Avg. Realized Price US$/bushel $8.85 $7.77 $7.63 $6.87 $5.99 $4.89 $5.16 $4.72 $5.05 $4.58 $3.89 Canola Avg. Realized Price CAD/bushel $5.80 $14.74 $11.41 $11.09 $11.54 $12.00 $12.22 $11.27 $10.97 $12.25 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 2023 Futures $24.38 $19.05 $17.24 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23E 2023 Futures ... Note: 22/23E are estimated prices from USDA & Stat Canada, 2023 futures prices reference December 2023 Corn, November 2023 Soybean, December 2023 Wheat, and November 2023 Canola, as of November 9, 2023. 22 Source: USDA, Bloomberg

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